Called the ESCO Report, (Electronics Systems: Challenges and Opportunities), the strategy document details how the industry can grow to contribute 7.1 per cent of GDP by 2020. The Report was created for the Department of Business, Innovation and Skills.
The rise from today’s £78bn to £120 billion would place the sector among the top five UK industries. The sector would also support more than 1 million skilled jobs, making it a top-5 UK employer.
The report makes several key recommendations, including measures to improve supply chains and strategic procurement, the skills pipeline and the formation of a think tank to identify future growth sectors.
But, the report also warns failure to take immediate action on the recommendations will have implications for the competitiveness of every industrial sector and the UK economy.
ESCO was chaired by Pond Ventures’ Jamie Urquhart, who said: “This technology is the basis for almost all facets of our lives, from communications to healthcare to transport to education. By working closely together to implement the recommendations we can achieve significant economic growth.”
The UK's Business and Energy Minister Michael Fallon declared: “This strategy is a welcome analysis of the growth opportunities and challenges facing the sector. Electronic systems underpin many of the world's economic activities - from education and healthcare to communications and entertainment. This is an accelerating trend and we will continue to see more and more products and services that rely on electronics.
"The strategy heralds a new working partnership between industry and Government towards long-term growth for this vitally important sector."
The report forecass growth in electronic systems for automotive, aerospace, energy and medical vertical sectors, which each have clusters of excellence, allowing the creation of jobs across the UK.
The recommendations include:
Innovation: the ESCO committee will establish 'Markets of Tomorrow', a think tank to direct investment into future growth technologies, strategically directing innovation that will help the UK industry stay ahead of